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August Membership Meeting Recap

The August membership meeting was held in the Securian Suite at CHS Field, and the topic was the Destination Medical Center (DMC).  Patrick Seeb, the Director of Economic Development and Placemaking for the DMC, was the speaker.  The DMC is a 20 year project to drive over $5B in investment in downtown Rochester to create the top medical destination in the world.

Mayo Clinic started the idea by committing to make a major new investment in the city.   Even though it has acquired health systems around the country, it still sees Rochester as the center of its success.  So when it stepped up and discussed investing $3B in the Rochester, it needed the city, state and private sector to all pull together to make the entire area more attractive and meet the long term needs of this initiative. 

Mayo is ranked as the top health provider in the country.  So it made sense to build on this success and create a truly global destination for health and related services.  DMC is expected to draw in many outside private sector investors in the life sciences industry that are interested in locating near Mayo or at least in Minnesota.  This growth along with Mayo’s will increase jobs and will fuel the need for more residential space and improved transit.  

A key element in drawing in outside investment is Discovery Square, a business complex near Mayo that will attract startups from life science companies.  Mayo research is focusing on making human organs on 3-D printers, along with developing medical equipment to make surgeries that are less traumatic, requiring a shorter recovery.  This research will likely lead to related startup investment at Discovery Square. 

Overall, the DMC will change the face of Rochester.  Along the way, the southeast area and other regions of the state could also benefit from the rapid growth and general spillover effect caused by the DMC.

 

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